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Industrial inflation fell 6.3% in December and in 2023 marks its largest decline since 1975 (-4.7%)

MADRID, Jan.

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Industrial inflation fell 6.3% in December and in 2023 marks its largest decline since 1975 (-4.7%)

MADRID, Jan. 25 (EUROPA PRESS) - Industrial prices registered an average decline of 4.7% in 2023, their largest decline since 1975 and their first fall after the record increases experienced in 2022 (35.5%) and 2021 ( 17.3%).

According to data published this Thursday by the National Institute of Statistics (INE), the decline experienced by industrial inflation in 2023 was a consequence of the sharp fall experienced by the prices of energy (-19.9%) and intermediate goods (- 2.2%).

The rest of the sectors raised their prices in 2023, especially non-durable consumer goods (10.7%), followed by capital goods (3.3%) and durable consumer goods (3%).

Fourteen autonomous communities registered negative rates in industrial prices in 2023, which only rose in Extremadura (1.7%), La Rioja (0.6%) and Navarra (0.1%).

The biggest declines in this indicator occurred last year in Asturias, the Balearic Islands and the Canary Islands, with average declines of 17.4%, 16.3% and 14.4%, also being the only regions that showed double-digit falls. .

INDUSTRIAL PRICES MODERATE THEIR FALL IN DECEMBER TO 6.3%

Looking only at December data, industrial inflation decreased by 6.3% last December compared to the same month in 2022, moderating by 1.3 points the drop registered in November, as reported this Thursday by the National Institute. of Statistics (INE).

With the year-on-year decrease in December 2023, inflation in the industrial sector has had ten months of negative rates after in March it put an end to a period of 26 consecutive months of increases, in which it recorded double-digit positive rates for more than of 20 months.

The evolution of industrial prices in December is due to the increase experienced by energy, which raised its rate almost four points, to -20.6%, due to the rise in prices for the production and transportation of electrical energy and because Oil refining fell less than in December 2022. On the other hand, gas production prices decreased in December 2023, compared to the increase they experienced in the same month of 2022.

Also influencing the evolution of industrial inflation in December was the rebound in intermediate goods, which presented a rate of -4.9%, six tenths above that of November.

The annual variation rate of industrial prices excluding energy closed December at 1.1%, two tenths more than in November and 7.4 points above the general index.

INDUSTRIAL PRICES DOWN BY 0.3% IN THE LAST MONTH OF 2023

In monthly rate (December 2023 compared to November of the same year), industrial prices fell by 0.3%.

The activities that most influenced this decline were oil refining (-6.5%), gas production (-2.1%) and the manufacture of basic iron products (-1.5%).

In contrast, the largest monthly increases occurred in the production and transportation of electrical energy (2.7%), the manufacture of oils and fats (3.1%) and the manufacture of motor vehicles (1.8%).

Keywords:
INE